Fidelity has launched its first long-term asset fund, the Fidelity Diversified Private Assets LTAF.

The Financial Conduct Authority confirmed in a policy statement today that Long Term Asset Funds (LTAFs) will be covered by the Financial Services Compensation Scheme.

The FCA confirmed today that that it will go ahead with its plans for long-term investment funds aimed at sophisticated investors and pension funds, potentially opening them up later to some retail investors.

The FCA is to consult on introducing a new type of open-ended fund which invests in long-term illiquid assets.